Azaland

The Central Bank of Nigeria (CBN) has barred agents from using Point of Sale (PoS) terminals meant for merchants to carry out cash-in and cash-out transactions.

The apex bank disclosed this in a circular announcing the Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria.

According to the CBN, the agent banking initiative has resulted in the proliferation of financial services agents across Nigeria, resulting in a significant and growing portion of financial transactions being conducted through the agents.

Section 8.3 of the guidelines which highlighted prohibited activities for agents stated: “An agent shall not accept deposit or allow withdrawal above an amount which shall be prescribed, from time to time by the bank.
“Use the wrong option for transactions e.g agents shall not use the purchase option PoS Terminals for cash in and cash out transactions.”

Jared wrote: ↑March 16th, 2023, 6:42 am Now, we have agents almost everywhere, and findings show that many of them use the traditional pos meant for trading for pos cash transactions. This is the illegal thing being banned.

Deon wrote: ↑March 16th, 2023, 10:02 pm

Jared wrote: ↑March 16th, 2023, 6:42 am Now, we have agents almost everywhere, and findings show that many of them use the traditional pos meant for trading for pos cash transactions. This is the illegal thing being banned.

What's their reason for using the traditional POS meant for trading for cash transactions?

Is it that they are not being charged for each transactions?

Jared wrote: ↑March 17th, 2023, 7:03 am What I feel is that standard agent poss are preconfigured to take charges in some way. But with the traditional pos, the agent can manually charge anything he wants.